These seven sectors are: Dublin 29 May How should businesses prepare for GDPR? If you have any questions about this blog post please contact Investigations. How are we planning to respond to potential thematic reviews in light of the announcements within the Business Plan? Signing up to newsletter, please wait.
To be able to do this, more information is needed about who might be vulnerable within markets. If you have any questions about this blog post please contact Investigations. Leave a comment Cancel reply Your email address will not be published. Some firms do not appropriately recognise when consumers become vulnerable. While part of an ongoing theme from the FCA, the Business Plan nevertheless makes it clear that the FCA aims to ensure that existing customers do not receive less attention than new customers. View all training materials.
United Kingdom (and EU regulation)
Analysing early responses to the Financial Crime Annual Data Return that was rolled-out last year to ensure it is focusing its supervision on the right firms see our summary of this development here. The FCA will also increase its engagement with individual firms and the wider industry in scenario-testing to imitate major operational disruptions such as outages of key systems and cyber attacks, as well as working with firms when they occur in real life.
Breaking down Brexit Construction blog Fundamental: While part of an ongoing theme from the FCA, the Business Plan nevertheless makes it clear that the FCA aims to ensure that existing customers do not receive less attention than new customers.
In the mortgage sector, for example, the FCA will be looking at customers with long-term mortgage arrears, and at interest only mortgages approaching maturity. In order to respond to the issues that it has identified, the FCA has identified the following key planned activities: Key themes 20 April – Post by: The FCA also says that there are further improvements to be made in respect of existing customers, in terms of enhancing competition and the basic standards afforded to consumers, which it considers should be addressed on a sector basis.
This includes reference to the critical role of boards in setting the tone from the top and improvements in culture and governance promoting public confidence that firms have the right people, in the right roles, working in the interests of consumers and markets.
The FCA Business Plan /18
The FCA has identified the following issues which impact consumer vulnerability and access to financial services:. Our microsite on antitrust and white collar crime dawn raids sets out practical tips and updated information on the powers of officials to enter premises, access evidence and interview staff.
Referring cases to other law enforcement agencies where the FCA has identified suspected money laundering. Continuing to use intelligence, including from whistleblowersto prevent money laundering and providing support and anonymity to individual whistleblowers.
These sectors can expect the work that the FCA has undertaken around existing customers to continue and for there to be an ongoing assessment of competition in the Investment Management sector.
The timeframe sets out a consultation period on the accountability regime for all FSMA firms inin preparation for the implementation of the regime from The ‘Last name’ field is required. Real estate investment management – market trends and corporate transactions – what you need to know London 6 June View all events. No dates have been given for when the FCA will undertake these various activities but we will keep you up to date with developments as soon as we learn of them.
Overview of the FCA Business Plan for / and Mission for
Processes and procedures in some firms do not consider how vulnerable customers should be treated. Amsterdam 23 May Some firms do not appropriately recognise when consumers become 20177/18. The FCA is working on a report on how new technology can make anti-money laundering processes more efficient and less onerous for fac and consumers.
Central to how the FCA proposes to deliver public value is promoting trust between users and providers of services and improving how markets evolve and operate to serve the public, business and the economy better.
Overview of the FCA Business Plan for 2017/2018 and Mission for 2017
Please enter a valid Email address. The FCA has been relatively prescriptive in relation to the outcomes it is seeking for each of the sectors it supervises.
In order to deal with these issues, the FCA promises a sector-focused approach concentrating on Retail banking, Retail lending, Pensions and the Insurance sector. These seven sectors are:.
Firms should pay close attention to both the cross sector and individual sector risks that apply to their firms. How are we planning to respond to potential thematic reviews in light of the announcements within the Business Plan?
This would mark a radical departure from past enforcement, as the FCA has not previously prosecuted breaches of the Money Laundering Regulations Here are some of the main issues, listed by sector:. Vulnerability and access are a challenge in any consumer market, but particularly so in the context of financial services partly because of the long-term nature of commitments and the complexity of products and information, but also because vulnerability covers a range of situations and can occur to consumers at any point in their lifetime.
Clearly, in order to tackle these issues, the FCA itself needs to keep pace with developments in technology and has said that it intends to take steps to enhance its own capabilities to do so.